Michael Jackson's Neverland Ranch up for sale

Michael Jackson's Neverland Ranch is being sold, according to Radar Online.

Sources told the website that Colony Capital, the company that owns a primary stake in the Santa Ynez property, has put it on the market.

"Colony Capital has the legal right to sell the property to pay down the debt they are owed from the loan, interest, management fee and maintenance costs," a source reportedly said. The 2,500-acre ranch in the Santa Ynez Valley area of Santa Barbara County has an assessed value of $27 million.

Jackson's estate released a statement Thursday. "We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The estate will maintain Michael's family home in Encino, including its iconic recording studio there."

The estate said it will "continue to build upon Michael's legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas. We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide."

Right. So what's the deal with the monkey?

Sources told Radar the owners explored "a number of potential options for Neverland ... but zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell."

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Apparently, the estate tried to keep Neverland, but couldn't reach an agreement with Colony.

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